Bangalore: Bhoruka, a Bangalore-based business house with interests in power generation and industrial gases, plans to build and sell 200 premium apartments on a 10-acre plot in south Mumbai, one of the most expensive real estate markets in the country.
The complex, with apartments measuring between 2,500 sq ft and 3,000 sq ft, will come up at the Mukesh Textile Mills compound owned by TCI Industries Ltd, a family concern of the Agarwal brothers, who are board members in the Bhoruka group of companies.
The textile mill was shut in 1982 and the land located opposite Sassoon Sock in Colaba, the southern tip of Mumbai, and valued at “thousands of crores” has been vacant since then, said S. N. Agarwal, chairman of the Bhoruka group, which includes Bhoruka Power Corporation Ltd.
Agarwal said the apartments, on which construction will begin next year, will be sold to individual buyers. He did not specify the value.
The company intends to leverage the “shortage of real estate” space in South Mumbai and increasing demand for property in the prime location. Besides Mumbai, Bhoruka is building information technology parks in three phases over 34 acres at Whitefield, a Bangalore suburb, where multinational technology companies such as SAP AG and Dell Inc., have units. It has created a new company, Bhoruka Park Pvt. Ltd, for the real estate foray in Bangalore.
The Bhoruka group of companies reported total revenues of Rs200 crore last year.